The new funding option has been designed to support housing association developments
Principality Building Society has introduced a new funding option for housing associations to support the development of new homes and retrofitting of existing properties.
With the success of the building society’s 15-year term funding, a 25-year loan fund will now be made available by the mutual.
“We’re proud to announce this new product to further support the great work that is done by social housing providers,” Richard Wales (pictured), commercial lending director at Principality Building Society, said. “In addition to the new 25-year repayment plan, housing associations may also secure lower borrowing costs should they deliver on mutually agreed environmental, social and governance (ESG) objectives.
“As a company, we became carbon neutral this year in our own operations, as we strive to reach net zero status by 2030. It’s something that’s very important to us, so we’re keen to help others to make this journey too.”
Established in 1860, Principality is Wales’s largest building society with 53 branches and 16 agencies in Wales and the borders. It has assets of £10.5 billion, and is committed to remaining a mutual organisation.